Whole Foods CEO Gets $162,160 for 2007 After Self-imposed Pay Cut

News

January 28, 2008

New York City Whole Foods CEO Receives $162,160 for 2007 After Self-imposed The chief executive of Whole Foods Market Inc. received compensation valued at $162,160 in fiscal 2007, the company disclosed in a regulatory filing on Monday.

John P. Mackey, 54, received a base salary of $93,500 in the fiscal year that ended Sept. 30. He did not receive a bonus or awards of stock options.

However, he did get $68,363 in non-equity incentive plan compensation, along with $297 in matching funds from a company 401(k) program.

Mackey's salary fell by more than two-thirds from the prior fiscal year, but the pay cut was self-imposed. He announced in late 2006 that beginning the next calendar year, he would take a salary of $1, but he was paid his old salary for the first three months of the fiscal year that had already begun.

Whole Foods will hold its annual meeting March 10 in Austin, Texas. Six of the seven directors, including Mackey, are running for re-election. The seventh is retiring and won't be replaced immediately.

Investors also will vote on a shareholder resolution to split the chairman and CEO jobs, which Mackey, a co-founder of the chain, has held since 1980.

The board opposed the resolution, saying Mackey is uniquely qualified to lead the company.

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